Lourenco Goncalves Sells 3,000,000 Shares of Cleveland-Cliffs (NYSE:CLF) Stock

Cleveland-Cliffs Inc. (NYSE:CLF) CEO Lourenco Goncalves sold 3,000,000 shares of the firm’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $12.42, for a total value of $37,260,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Cleveland-Cliffs Trading Down 13.7%

Shares of NYSE:CLF opened at $10.77 on Friday. The business’s 50-day moving average is $13.40 and its 200 day moving average is $12.26. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.95 and a quick ratio of 0.61. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $16.70. The firm has a market capitalization of $6.14 billion, a P/E ratio of -3.69 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, February 9th. The mining company reported ($0.43) earnings per share for the quarter, topping the consensus estimate of ($0.62) by $0.19. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.The business had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.60 billion. During the same quarter last year, the company earned ($0.68) earnings per share. The company’s quarterly revenue was down .3% on a year-over-year basis. On average, research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Focus Partners Wealth purchased a new position in shares of Cleveland-Cliffs during the 1st quarter valued at approximately $339,000. Vontobel Holding Ltd. grew its position in Cleveland-Cliffs by 2.5% during the second quarter. Vontobel Holding Ltd. now owns 91,158 shares of the mining company’s stock valued at $693,000 after buying an additional 2,216 shares during the period. Trust Co. of Toledo NA OH purchased a new position in Cleveland-Cliffs in the second quarter valued at $27,000. Apollon Wealth Management LLC acquired a new position in shares of Cleveland-Cliffs in the second quarter worth about $416,000. Finally, Concurrent Investment Advisors LLC acquired a new position in shares of Cleveland-Cliffs in the second quarter worth about $222,000. 67.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CLF shares. The Goldman Sachs Group reiterated a “buy” rating and set a $15.00 price objective on shares of Cleveland-Cliffs in a research note on Monday. KeyCorp lowered Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a report on Wednesday, January 7th. UBS Group set a $15.00 target price on Cleveland-Cliffs in a report on Monday, October 27th. Wells Fargo & Company upgraded Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $11.00 to $12.00 in a research report on Friday, November 14th. Finally, Morgan Stanley raised shares of Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $12.80 to $17.00 in a research report on Friday, January 9th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $13.89.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.